If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one query probably occurs over and over: Why use Bitcoin?
The question is not unreasonable. The typical Macon County person understands next to nothing about electronic cash, money that exists in the virtual arena. Even when seen on paper, it’s just a QR code. Why change hard-earned dollars into something seemingly so abstract?
Multiple rationales exist – among them, privacy, instantaneous transactions, investment potential and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (frequently termed “digital Gold”) is the most prevalent and widely held. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Macon County , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you convert money to Bitcoin, you enter a financial playing field where you are in full control. Bitcoin is not tethered by any government rules, nor restrictions of third-party Macon County financial institutions. It’s a decentralized, international currency used for transactions directly between two sides, with neither knowing whom the other is.
Bitcoin is tremendously valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money between countries. A local Bitcoin ATM can change cash into remittances within minutes.
At one time in 2017, the price of Bitcoin exceeded the price of one troy ounce of Gold. Both are considered as “safe haven” assets for Macon County investors. The “Bitcoin vs. Gold” discussion has carried on for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a fixed amount, while the worldwide supply of Gold increases around 1.5 percent annually. In the five years prior to 2020, Gold’s value increased around 67 percent; Bitcoin, though, improved as much as 4,500 percent.
The quantity of Macon County businesses and organizations taking Bitcoin increases progressively. Household names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Macon County, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other rationale – is natural. Bitcoin security is unequaled, guarded by a globe-spanning network of complex computers operating with blockchain technology.
Dealings using Bitcoin are instantaneously completed. There’s no paperwork. The virtual money is kept in an online “crypto wallet,” impenetrable to all but those who hold its private “key.”
In short, Bitcoin is for those who desire a safe, private option to traditional currency. If you’re interested in exploring Bitcoin, perhaps begin with a small amount. Visit a cheap local Bitcoin ATM near Macon County and use some cash. Get a feel for how a virtual wallet operates, and how Bitcoin is used to buy products and services.
You can feel safe doing so, too. Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies worldwide and in Macon County .
You probably have more questions about Bitcoin … and that’s understandable. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered very soon.